UNIVERSITY OF DELHI DELHI SCHOOL OF ECONOMICS
DEPARTMENT OF ECONOMICS Minutes of the Meeting Subject : B.A. Economics (Hons.)
Course : GE-11 Introductory Microeconomics Date of Meetings : August 14, 2019
Venue : Department of Economics, Delhi School of Economics, University of Delhi
Chair : Prof. Ram Singh
Attended by:
Sl. No. Name of the Teacher College 1. Hema Kapur Hansraj College
2. Ravish ARSD College
3. Parul Jain Sri Aurobindo College 4. Abhash Kumar Rajdhani College 5. Srividya Subramaniam SGTB Khalsa College 6. Aruna Rao Sri Venkateshwara College 7. Supriti Mishra Shyamlal College
8. Anand Kumar CVS
9. Rashmi Kumar SBSEC
10. Shruti Garg Sri Aurobindo College 11. Aradhana Nanda SGGS College
12. Roopali Goyanka IP College
13. Taruna Dyal Singh College 14. Anil Kumar Ramjas College 15. Venu Gupta HRC
16. Kapila Mallah HRC 17. Sonica Singhi LB College
18. Sonika SPM College
19. Saraswati ARSD College 20. Prabhjot Kaur IP College 21. Pragya Nayyar SGTB College 22. Gaganpreet Kaur SGTB College
23. Saumya Shukla Maharaja Agrasen College 24. D. Appala Naidu ARSD College
25. Shabnam Bahadur DCAC
26. Benston John St. Stephen’s College
27. Gati K.M. ZHDC
28. Amulya Kumar Sahoo SPM College 29. Abdul Rasheed CK Hindu College 30. Apoorva Gupta Ramjas College 31. Varun Bhushan PGDAV College 32. Anshika Sagar Hindu College 33. Deepika Kandpal PGDAV College 34. Pankaj Khandelwal JDM College 35. Sakshi Jindal Mata Sundri College
36. Deepika Sharma PGDAV (Eve.) College 37. Narender Thakur BRA College
38. Stuti Gupta SLC (Eve.) College 39. Praveen Kumar KMV
40. Vipin Negi KMV 41. Shikha Solanki SBSEC
42. Manjula Singh St. Stephens’ College 43. Malabika Pal Miranda House 44. Mohini Aggarwal Rajdhani College 45. Nidhi Chand Maitreyi College 46. N. Selvaraj Dyal Singh (M) College 47. Mamta Shaheed Bhagat Singh College 48. Punam Tyagi Kalindi College Notes:
A meeting of the Course Committee was held on 14/08/2019. It was decided that the following readings will be followed book for the course under the LOCF scheme, effective from July 2019.
References
1. Mankiw, N. (2007). Economics: Principles and applications, 4th ed. Cengage Learning. Hereafter Mankiv (2007)
Unit-wise details of the readings are as follows:
Unit 1: Introduction
What is microeconomics? Scope and method of economics; the economic problem: scarcity and choice; the concept of opportunity cost; the question of what to produce, how to produce and how to distribute output;
science of economics; institutions for allocating resources; the basic competitive model; prices, property rights and profits; incentives and information; rationing; positive versus normative analysis. The scientific method; the role of assumptions; models and mathematics; why economists sometimes disagree Interdependence and gains from trade; specialization and trade; absolute advantage; comparative advantage and trade
Reference: Mankiv (2007) Chapter 1, 2 and 3(Added).
Unit 2 : Supply and Demand: How markets work, markets and welfare
Markets and competition; determinants of individual demand/supply; demand/supply schedule and demand/supply curve; market versus individual demand/supply; shifts in the demand/supply curve, demand and supply together; how prices allocate resources; elasticity and its application; controls on prices; taxes and the costs of taxation; consumer surplus; producer surplus and the efficiency of the markets. Application to international trade; comparison of equilibria with and without trade, the winners and losers from trade; effects of tariffs and quotas; benefits of international trade; some arguments for restricting trade
Reference: Mankiv (2007); Chapter 4,5,6,7,8 and 9(Added) Unit 3 : The Households
The consumption decision - budget constraint, consumption and income/price changes, demand for all other goods and price changes; description of preferences (representing preferences with indifference curves); properties of indifference curves; consumer‘s optimum choice; income and substitution effects;
labour supply and savings decision; choice between leisure and consumption Reference: Mankiv (2007): Chapter 21.
Unit 4 : The firm and perfect market structure
Behaviour of profit maximizing firms and the production process; short-run costs and output decisions;
costs and output in the long-run
Reference: Mankiv (2007); Chapter 13, 14 Unit 5: Imperfect Market Structure
Imperfect Market Structure Monopoly and anti-trust policy; government policies towards competition;
imperfect competition
Reference: Mankiv (2007); Chapter 15 Unit 6 : Input market
Labour and land markets: Basic concepts (derived demand, productivity of an input, marginal productivity of labour, marginal revenue product); demand for labour; input demand curves; shifts in input demand curves; competitive labour markets; labour markets and public policy
Reference: Mankiv (2007); Chapter 18
Teaching Learning Process: Lectures and tutorials
Assessment Methods: Internal assessment and final examination as per CBCS rules
